Bikuben in Silkegade

Facts

A beehive bank

By Jens Toftgaard, Ph.d.-stipendiat (12 stories)

Sparekassen Bikuben, was founded in 1857 as a 'Danish savings & minors and seniors providence society'. Like busy bees collecting honey for the winter, the members were to save up for their children and old age – a concept reflected by the later name Bikuben, meaning beehive. The motto Industry and Frugality yield Prosperity" had great appeal for the less prosperous citizens of Copenhagen. In 1883, larger premises were required, and the choice fell on Silkegade in the middle of Copenhagen. One of the most prominent architects of the era, J.D. Herholdt, who also designed the Danish central bank, created a red-brick, corniced building inspired by Italian Renaissance architecture. In 1929, the architect Gotfred Tvede extended the property with the corner facing Pilestræde in the same style. "

Not a public place

Selected entry

Saving for the greater good

Story written by Jens Toftgaard

Time / Periode 1857

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The word 'bank' is today synonymous with commercial banking, shares and profits. But in the 1800s and well into the 1900s, savings banks were far more common. From the founding of Denmark's first savings bank in 1810, the idea was to encourage persons of limited means to save up for their own and the greater good. During the 1800s, 500 savings banks were established all over Denmark. By 1923, half the nation had a savings bank account. The activities of the savings banks were strictly regulated by law to protect the depositors' money. As a result of the stiff competition with the commercial banks in the post-war era, the rules governing savings banks were eased in 1975 and 1988. This erased the differences between the two types of banks.